Top 5 Types of Cryptocurrencies and Their Profit Trends in 2020

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.

A complete lowdown on the cryptocurrencies you should invest in 2020 for high returns.

Trading of Bitcoin, Ethereum, and other cryptocurrencies witnessed a surge at the beginning of 2020, then jumped to a new high in February—a level that was sustained for the height of the Coronavirus crisis from March through May, states a report by Forbes. With India gearing up to embrace blockchain and making the most of cryptocurrencies, 2020 looks like a good time for crypto investors to take the plunge. Here’s taking a look at the big 5 of crypto-verse.

1) Bitcoin

The undisputed king of the world of cryptocurrencies has to be Bitcoin. A per the latest data, BTC’s market cap is over $208.6 billion, with a value of approximately $11,687 per coin. Data by CoinMarketCap also reveals that there are about 18.45 million BTC in circulation, which is still unmatched. In the second quarter of this year, Square, a finance firm generated around $875 million in revenue from BTC, and also enjoyed about $17 million in gross profit.

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The high/low price of Bitcoin this year is $12,036.99 and $4,106.98, respectively. Skew, a well-known data analytics firm shows that the second quarter of 2020 was very profitable for bitcoin investors.

2)  Ethereum:

Ethereum or ETH is the world’s second most sought after crypto asset after Bitcoin, and it has hogged quite some limelight in 2020.

For instance, DappRadar revealed that transaction volume on the Ethereum network noticed an all-time high in July 2020. Interestingly, Tyler Winklevoss, the CEO of Gemini, and a well-known crypto investor recently remarked that he wants to invest in ETH and buy all bitcoins.

A tweet from Glassnodes also paints the same picture. Over 90% of the circulating ETH supply is now in a state of profit, i.e. the current price is higher compared to the price at the time the coins last moved. Last time this level was witnessed in February 2018 when the $ETH price was at $925.

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Currently trading at $391, Ethereum briefly crossed a $400 price threshold on Aug 2, according to data from Coin360. On similar notes, CoinIdol also points that over the last 14 days, the price of ETH broke out of consolidation and registered an upward shift to hit a 70% lift from about $233 to $399.

3) Bitcoin Cash (BCH)

Statista points out that the price of Bitcoin Cash for the end of July 2020 amounted to 293.86 U.S. dollars. This relatively new kid on the block started to be mined in 2017, and ever since, it has got a circulating supply of more than 18.48 million BCH and an overall market capitalisation of over $5.36 billion. This has also placed it in the 5th rank of CoinMarketCap rating.  

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Currently, the value of BCH/USD is standing at just over $290, according to the data by CoinMarketCap. In 2020, BCH reached a peak and trough of $493.03 and $139.22, respectively.

4) Ripple (XRP)

Are you looking for small budget investments? Then Ripple (XRP) might be the right choice for you. Currently, XRP/USD is valued at $0.2, post witnessing a 5.6% increase over the past 24 hours. Data from Coinmarketcap also shows that Ripple (XRP) has witnessed a price rise of over 30% from $0.19 to $0.244 in around mid to end July.

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The highest and lowest price of XRP in 2020 has been $0.343972 and $0.115093, respectively. According to a TradingBeasts data, the BCH price is estimated to hit $247.806 by September, with the estimated highest value being $306.181 and bottom price being $208.203.

5)  Litecoin (LTC)

Litecoin, which dipped and saw a price of $25.57 in mid-March, offers advantages of reduced block time, faster transactions per second, and profitable fee structure and is another option crypto enthusiasts are keen to explore this year. Given these factors, experts feel that with the passage of time, the value of Litecoin is likely to sustain at a high level.

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LTC/USD price is currently at $58 and there are more than 65.174 million LTC in circulation in the crypto market. Prior to the plunge, this cryptocurrency was changing hands at $64.8, and the 9.24% fall reduced its value to $59.

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